Ethena (ENA) continues to attract attention as strong momentum follows a major technical advance, while fresh on-chain activity highlights growing trading interest. The token’s recent performance has created significant opportunities for leveraged positions, although volatility remains a key consideration as traders assess its potential for further upside.
As of now, according to CoinMarketCap data, Ethena is trading at $0.2722, with a decrease of 2.1% over the past 24 hours and an increase of 33.51% over the past week.
ENA Gains 292% From Accumulation Zone as Analyst Maintains $3 Target
Crypto analyst Crypto Patel said Ethena has gained 292% from the macro demand zone identified on August 3, marking a significant move in less than two months. The analyst noted that ENA entered the accumulation area before attracting broader market attention.
According to the analysis, the token has already reached the first two targets outlined in the original setup. With both milestones achieved, the analyst said the remaining levels remain valid, keeping the broader technical thesis intact despite ENA’s sharp advance from the accumulation zone.
The analyst also highlighted the importance of managing profits following such a strong move. Traders already in profit could consider partial profit-taking while maintaining exposure to the remaining setup. The analysis identified $0.25, $0.50, $0.80, $1.25, and $3 as the remaining target levels.
The next major move could determine whether ENA enters a broader cycle expansion, according to the analysis. However, the analyst emphasized discipline and capital protection rather than chasing the rally, while noting that the technical outlook is based solely on chart analysis and should not be considered financial advice.
Ethena Trader Turns $592K Position Into $310K Gain With 15x Long
According to blockchain analytics platform Lookonchain, trader 0xc8F7 opened a leveraged long position of approximately 2.15 million ENA tokens, valued at around $592,000, on Aster DEX. The position uses 15x leverage, significantly increasing the trader’s exposure to ENA’s price movements.
The trade has since moved sharply in the trader’s favor, with the position showing an unrealized profit of approximately $310,700. Lookonchain reported a 786.54% return on the leveraged position, highlighting how ENA’s price movement has amplified gains on the trade.
The position highlights both the potential returns and heightened risks associated with leveraged crypto trading. While 15x leverage has amplified gains as ENA moved higher, the same leverage could magnify losses if the token experiences a sharp reversal.
